Mike Zigmont, author of the Zigmont Report, is a partner at New York-based Harvest Volatility Management, a hedge fund with over $12B AUM, offering volatility management solutions to its investor base worldwide. Mike has been publishing his daily newsletter (Monday-Friday) privately for the firm’s investors and his personal contacts in the investment business
since 2008, sending it daily shortly after the market close.
The opinions expressed below are my own and do not necessarily represent those of Harvest Volatility Management, LLC.
Not 5 in a row. The S&P spent the bulk of the session down small but almost pulled out a tiny gain in the last two hours of trading. It could’ve been a 5 session consecutive win streak for the bulls! We haven’t seen one of those since mid-Feb. To put those kind of streaks in context, going back to 1982, they show up about 3% of the time. That’s not terribly interesting, I know, but today was boring and that’s as interesting as it got. To emphasize the point, flow was 86%.
Elon Musk’s tweet and the potential privatization of TSLA dominated the market headlines. There wasn’t anything significant about the broader market or the macro environment. So excepting the TSLA hoopla, today was a real snoozer. The bulls (that were actually active) couldn’t push the tape and that’s all she wrote.
See youtomorrow
, the only data of note will be July PPI (+0.2% est vs +0.3% prior).If you think that number is going to shake up markets, I’ve got a bridge to sell you.
-Mike
